Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please I need the answer asap with explaination please. Sunglao and Java are partners in bakery business. The activity in each partner's capital account for

Please I need the answer asap with explaination please.

image text in transcribed
Sunglao and Java are partners in bakery business. The activity in each partner's capital account for 2019 follows: Sunglao, Capital Java, Capital 200,000 Jan.1 300,000 Jan.1 80,000 Feb. 1 Mar.30 50,000 May 30 40,000 July 1 50,000 70,000 Oct 30 Sept.30 50,000 Dec. 1 20,000 180,000 Dec. 1 10,000 Dec.30 480.000 Dec. 31 150.000 Dec.31 The profit for 2019 is 2,000,000. Required: Determine the partners' share in the profit under each of the following independent cases, and prepare the necessary journal entries: Case 1: Beginning capital balances. Case 2: Weighted Average capital balances (peso-month-peso-day) Case 3: Ending capital balances

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

5th edition

1259914895, 978-1259914898

More Books

Students also viewed these Accounting questions

Question

What is a state transition diagram?

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago